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dui tou zi zhe qing xu yu gu shi beng pan feng xian guan xi de jian yan
Author(s): 
Pages: 39-46
Year: Issue:  5
Journal: Finance and Accounting Monthly

Keyword:  投资者情绪股市崩盘风险悲观情绪上证指数;
Abstract: 本文利用封闭基金折价率、消费者信心指数、上证A股换手率以及A股新增开户数构建投资者情绪综合指标,用上证指数收益率的负偏度表示股市崩盘风险,对2003~2015年我国A股市场上的投资者情绪与股市崩盘风险进行实证研究。研究发现,投资者情绪与股市崩盘风险正相关,并且投资者情绪的悲观变动比乐观变动对股市崩盘风险的影响更大。为了促进我国股市的平稳运行,在完善股市运行机制的同时,应该加强投资者教育,增强投资者理性,稳定投资者情绪。
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